If the demand curve faced by a firm is horizontal, then the firm is ________ and a ________.
A. perfectly competitive; price taker
B. perfectly competitive; price maker
C. a monopoly; price taker
D. a monopoly; price maker
Answer: A
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If children go to school and become productive members of society
A) a negative externality is created by the schools. B) a positive externality is created by the schools. C) no externality is created by the schools. D) an externality is created that may be positive or negative.
Diminishing marginal returns implies
A) decreasing average variable costs. B) decreasing marginal costs. C) increasing marginal costs. D) decreasing average fixed costs.
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. ________ has the comparative advantage in TVs and ________ has the comparative advantage in radios.
A. Rich; Rich B. Jen; Jen C. Jen; Rich D. Rich; Jen
In 2012, about ____ percent of the U.S. public debt was held by the federal government and Federal Reserve
A. 33 B. 57 C. 62 D. 40